PG&E; Profit Rises 12% on Out-of-State Power Sales

PG&E; Corp., owner of California’s largest power company, said its first-quarter profit rose 12%, driven by increased electricity sales outside its home state.

Net income rose to $156 million, or 42 cents a share, from $139 million, or 36 cents, a year earlier. It was expected to earn 44 cents, the average estimate of seven analysts surveyed by First Call Corp. Sales rose about 20% to $5.26 billion from $4.35 billion.

San Francisco-based PG&E; said utility profit in California was little changed. The company delayed reporting the quarter’s results for more than a month while awaiting a state regulatory decision on a request for higher rates. The ruling didn’t come in time to be included in first-quarter results.

PG&E; said it may later revise earnings to reflect a final decision.

PG&E; provides electricity and natural gas to about 8.2 million customers in Northern California, owns pipelines and power plants and arranges electricity sales nationwide. Its shares rose 50 cents to close at $31.88 on the New York Stock Exchange.

At a Glance

Other earnings, excluding one-time gains and charges unless noted:

* Arden Realty Group Inc., the Los Angeles-based operator of Gelson’s and Mayfair markets, reported first-quarter net income of $3 million, or 83 cents per share, compared with $2.3 million, or 65 cents, a year ago. Revenue rose to $78 million from $70.3 million a year ago. Same-store sales increased 11%.

* Pomona-based teen apparel retailer Hot Topic Inc. reported first-quarter net income of $635,000, or 13 cents per share, compared with $45,000, or 1 cent, a year ago. Sales rose 63% to $28.3 million from $17.3 million.

* Protection One, the Culver City-based property security firm, reported a first-quarter net loss of $3.4 million, or 3 cents per share, compared with a net loss of $3.3 million, or 3 cents, a year ago. Sales rose to $148.5 million from $76.7 million.

* Lancaster-based motor-home manufacturer Rexhall Industries Inc. reported first-quarter net income of $1.3 million, or 42 cents a share, compared with $543,000, or 19 cents, a year ago. Sales rose 57% to $22.2 million from $14.2 million.

* MORE EARNINGS: C1